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There has been a range of reactions to our recent big read urging consolidation on the European telecoms carriers.
By far the most well-argued comes from New Street Research. They think Lex has completely lost the plot.
They were kind enough to send us the detailed dissent below:
The prime minister has called a snap election for next month to help delay a tax increase. The central bank governor thinks inflation may fall below 1 per cent "for the time being". The stock market is up a fifth in a month.
Japan is a curious place for an investor at the moment. And yet Japanese equities seem to be one of the great trades of 2015 - if Abenomics works. Lex weighs the merits, in this live session...
Pulling out all the stops refers not to unstopping a dam for the waters to flow forth, but rather to the opening of the valves on a pipe organ. Japanese prime minister Shinzo Abe, in his bid to revitalise his country’s economy, has delivered much fanfare – and even accompanying liquidity. But, on Monday, third quarter GDP figures suggested that all this sound and fury signified nothing. The economy fell dramatically short of predictions of 0.5 per cent GDP growth quarter on quarter, instead shrinking by 0.4 per cent.
The market was quick to react to the disappointing figure, with Tokyo’s Topix index shedding two fifths of the gains it had made since October’s day of shock and awe. But the yen, another measure of market sentiment, strengthened only half a per cent. It remains 3 per cent weaker than October month end.
A collection of US and European banks have been fined a total of $3.4bn for attempting to manipulate the FX market, but their share prices have barely moved in response. But there is plenty to worry about. Join us at midday UK time for a live discussion.